13th Sep 2023 12:00
(Alliance News) - Belluscura PLC on Wednesday noted sound demand for its medical devices, as it reported a widened interim loss due to an increase in administrative costs.
Belluscura shares fell 9.7% to 44.70 pence each on Wednesday morning in London.
The London-headquartered medical device developer said pretax loss widened in the first half of 2023 to USD6.4 million from USD4.6 million a year prior, as administrative expenses increased by 39% to USD6.1 million.
Revenue fell 35% to USD366,221 from USD561,745.
Looking ahead, the company said trading is currently in line with expectations for 2023, which it emphasised is "significantly second half weighted".
Chair Adam Reynolds said: "Demand for X-PLOR, which is predominantly a direct-to-consumer unit, is growing, and we expect that our affiliation with GoodRX, and our own direct sales will lead to significantly higher gross margins as we utilise the company's previously high inventory levels."
He added that the company is well positioned to deliver substantial growth in the coming years.
By Tom Budszus, Alliance News reporter
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